Mr. Trump still has not released his tax returns, so it’s impossible to know to what extent he would personally benefit from the legislation. But there’s little doubt that he would.

“Lower pass-through rates and the repeal of the alternative minimum tax — those two alone are so hugely beneficial to Trump that I have trouble imagining any way that he wouldn’t come out ahead,” said Steve Wamhoff, senior fellow for federal tax policy at the nonpartisan Institute on Taxation and Economic Policy. (The pass-through reference involves income that typically comes from partnerships and limited liability companies.) Read more